Vietnam Prosperity Bank (VPBank) and Flywire, a tuition payment company, have joined forces to make it easier for Vietnamese students to make international tuition payments.
According to a release, Flywire will allow the students to make payments in VND in the method that they choose, which includes bank transfers, which are very popular in the country.
The process will take care of the necessary documentation and regulations required by law.
Flywire has processed more than $12 billion in payments for over 2,000 educational institutions around the world. The platform has a single point of management and handles all aspects of the payment process, from billing through reconciliation.
“Vietnam is one of the fastest-growing countries of origin for international students around the world, and as the country’s economy continues to grow at a rapid rate, so too does the number of Vietnamese families sending children to study abroad,” said Ryan Frere, vice president of global payments for Flywire. “Many of Flywire’s client schools in the U.S., Canada, U.K. and Australia already have large Vietnamese student populations. Our collaboration with VPBank makes it significantly easier for those schools to serve students at higher levels in this important market.”
Leaders in the country, including the prime minister and the State Bank of Vietnam, want to increase the digitization of banking. They want a greater focus on non-cash payments and they want to streamline administrative features to help with efficiency for not just the country as a whole, but individuals as well, the release said.
“The cooperation with Flywire demonstrates the bank’s dynamic thinking and actions, which reaffirms its advantages in technology, its ability to capture market demand and create the most convenient experience for customers,” said a VPB spokesperson.
Flywire is based out of Boston, and has offices in Chicago, London, Manchester, Valencia and Tokyo, among other locations.